===== SIDA 1 ===== Press release from Atlas Copco AB Atlas Copco Group Atlas Copco AB Visitors address: Telephone: +46 8 743 8000 A Public Company (publ) SE-105 23 Stockholm Sweden Sickla Industriväg 19 Nacka www.atlascopcogroup.com Reg. No. 556014-2720 Reg. Office Nacka April 29, 2025 Atlas Copco Group First-quarter report 2025 Strong orders and solid cash flow The comparison figures presented in this report refer to previous year unless otherwise stated. First quarter • Orders received increased 2% to MSEK 46 604 (45 656), unchanged organically • Revenues reached MSEK 42 730 (42 875), organic decline of 2% • Operating profit reached MSEK 8 605 (9 345), corresponding to a margin of 20.1% (21.8) - Adjusted operating profit, excluding items affecting comparability, was MSEK 8 869 (9 486), corresponding to a margin of 20.8% (22.1) • Profit before tax amounted to MSEK 8 470 (9 361) • Basic earnings per share were SEK 1.35 (1.47) • Operating cash flow at MSEK 6 575 (6 660) • Return on capital employed was 27% (30) * Operating profit excluding amortization of intangibles related to acquisitions . Near-term outlook While the world’s economic development makes the outlook uncertain, Atlas Copco Group expects the customer activity level to weaken somewhat. Previous near-term outlook (published January 28, 2025): Atlas Copco Group expects that the customer activity will remain at the current level. Quarterly and annual financial data in Excel format can be found on our Reports and presentations page MSEK 2025 2024 Orders received 46 604 45 656 2% Revenues 42 730 42 875 0% EBITA* 9 202 9 905 -7% – as a percentage of revenues 21.5 23.1 Operating profit 8 605 9 345 -8% – as a percentage of revenues 20.1 21.8 Profit before tax 8 470 9 361 -10% – as a percentage of revenues 19.8 21.8 Profit for the period 6 598 7 175 -8% Basic earnings per share, SEK 1.35 1.47 Diluted earnings per share, SEK 1.35 1.47 Return on capital employed, % 27 30 January-March ===== SIDA 2 ===== Atlas Copco AB – Q1 2025 2 (18) Review of the first quarter Market development The overall demand for Atlas Copco Group’s equipment and services remained at the same level as the previous year. Orders for the service business, including specialty rental, increased while the order intake for equipment was mixed. The order intake for industrial compressors decreased somewhat, whereas order volumes for gas and process compressors increased significantly. The order intake for vacuum equipment to the semiconductor industry, and vacuum equipment to industrial and scientific vacuum applications was basically unchanged. Orders for industrial assembly and vision solutions decreased due to weaker demand from the general industry and automotive customers. The order intake for power equipment decreased, primarily due to weaker demand for portable compressors. In total, the Group’s orders increased in Asia but decreased in Europe and North America. Sequentially, and compared to the previous quarter, orders increased for both equipment and services. Geographic distribution of orders received * Change in orders received compared to the previous year in local currency. Sales bridge * Volume, price and mix. Orders, revenues, and operating profit margin Geographic distribution of orders received and revenues January-March 2025 Orders received, % Change*, % North America 25 -2 South America 5 +22 Europe 26 -5 Africa/Middle East 6 +18 Asia/Oceania 38 +7 Atlas Copco Group 100 +2 Atlas Copco Group MSEK Orders received Revenues 2024 45 656 42 875 Structural change, % +2 +2 Currency, % +0 +0 Organic*, % +0 -2 Total, % +2 +0 2025 46 604 42 730 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Orders received, MSEK Revenues, MSEK Operating margin, % Adjusted operating margin, % January-March 2025 Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues North America 23 25 21 22 38 32 25 28 25 26 South America 6 6 0 0 3 3 7 7 5 5 Europe 28 31 15 14 31 34 29 30 26 27 Africa/Middle East 9 7 1 1 1 1 10 9 6 5 Asia/Oceania 34 31 63 63 27 30 29 26 38 37 100 100 100 100 100 100 100 100 100 100 Compressor Technique, % Vacuum Technique, % Industrial Technique, % Power Technique, % Atlas Copco Group, % ===== SIDA 3 ===== Atlas Copco AB – Q1 2025 3 (18) Revenues, profits and returns Revenues reached MSEK 42 730 (42 875), an organic decline of 2%. Acquisitions added 2%, while currency had no material effect. The operating profit was MSEK 8 605 (9 345), corresponding to a margin of 20.1% (21.8). Items affecting comparability amounted to MSEK -264 (-141), whereof the change in provision for share- related long-term incentive programs, reported in Common Group Items was MSEK -32 (-141). Other items affecting comparability includes an MSEK -232 restructuring cost in the Vacuum Technique business area. Adjusted operating profit decreased 7% to MSEK 8 869 (9 486), corresponding to a margin of 20.8% (22.1). The margin was negatively affected by volume, sales mix, increased R&D and functional costs, as well as dilution from recent acquisitions. Currency had a positive effect on the margin. Net financial items amounted to MSEK -135 (16) whereof interest net at MSEK -21 (-61). Other financial items, including financial exchange differences, were MSEK -114 (77). Profit before tax amounted to MSEK 8 470 (9 361), corresponding to a margin of 19.8% (21.8). Corporate income tax amounted to MSEK -1 872 (-2 186), corresponding to an effective tax rate of 22.1% (23.4). The lower effective tax rate compared to the previous year was mainly due to the realization of R&D-related tax credits. Profit for the period was MSEK 6 598 (7 175). Basic and diluted earnings per share were SEK 1.35 (1.47) and SEK 1.35 (1.47), respectively. The return on capital employed during the last 12 months was 27% (30). Return on equity was 28% (31). The Group uses a weighted average cost of capital (WACC) of 8.0% as an investment and overall performance benchmark. Operating cash flow and investments Operating cash surplus decreased to MSEK 10 487 (11 685). Net financial items and taxes paid amounted to MSEK -2 578 (-2 135). Working capital decreased by MSEK 921 (increase of 1 334). The main reason for the difference compared to the previous year was decreased inventories and receivables. Net investments in rental equipment were MSEK -489 (-546), and in property, plant, and equipment, MSEK -1 301 (-858). Operating cash flow (an important internal KPI, but not a measurement defined in IFRS Accounting Standards, and hence defined on page 13) reached MSEK 6 575 (6 660). Net indebtedness The Group’s net indebtedness amounted to MSEK 13 396 (20 810), of which MSEK 2 328 (2 715) was attributable to post-employment benefits. The Group’s interest-bearing liabilities have an average maturity of 4.3 years. The net debt/EBITDA ratio was 0.3 (0.5) and the net debt/equity ratio was 12% (20). Acquisition and divestment of own shares During the quarter, 2 646 638 series A shares, net, were acquired for a net value of MSEK 506. These transactions are in accordance with mandates granted by the Annual General Meeting and relate to the Group’s long-term incentive programs. See page 17. Employees On March 31, 2025, the number of employees was 55 248 (53 728). The number of consultants/external workforce was 3 004 (3 126). For comparable units, the total workforce decreased by 57 from March 31, 2024. Revenues and operating profit – bridge * LTI= Long term incentive MSEK Q1 2025 Volume, price, mix and other Currency Acquisitions Items affecting comparability Share-based LTI* programs Q1 2024 Atlas Copco Group Revenues 42 730 -935 15 775 0 - 42 875 Operating profit 8 605 -892 245 30 -232 109 9 345 20.1% 21.8% ===== SIDA 4 ===== Atlas Copco AB – Q1 2025 4 (18) Compressor Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Orders for industrial compressors decreased somewhat, significant growth for gas and process compressors • Continued growth for service • Operating profit margin at 24.4% Sales bridge * Includes an internal transfer to Power Technique. ** Volume, price and mix. Industrial compressors The demand for industrial compressors was lower than previous year and the order intake decreased somewhat. The order decline was more noticeable for large-sized compressors than for small to medium-sized units. Sequentially, order volumes increased. Geographically, and compared to the previous year, orders decreased in North America and Europe, were unchanged in Asia, but increased in Africa/Middle East. Gas and process compressors The order intake for gas and process compressors was strong, and order volumes increased significantly. The strong order growth was primarily driven by several larger orders related to marine LNG applications as well as increased demand for products used in air separation and natural gas power plant applications. Geographically, order volumes increased in all regions except Europe, where orders decreased. Compressor service The service business continued to develop favorably, with increased order intake in all regions. Innovation A new oil-free rotary screw compressor, the ZT200-355 VSD+, was introduced. The new compressor is designed for industries demanding high air quality, such as food and beverage, pharma, and electronics. The new product is also available with an optional integrated dryer, and thanks to a more efficient motor and screw elements as well as an inverter, the product offers higher energy efficiency than comparable products. Acquisitions The following acquisitions were closed in the quarter: - Trident Pneumatics Pvt. Ltd. in India with 113 employees and revenues of MSEK 134 during the last fiscal year ending March 2024. - V.O.L. Industries in Canada with two employees and revenues of MSEK 35 in 2023. - JetCan Engineering Sdn Bhd in Malaysia with 24 employees. - Medi-teknique Ltd. in the UK with 13 employees and revenues of MSEK 42 in 2023. - Dr. Weigel Anlagenbau GmbH in Germany with 45 employees. - Maquinarias y Tecnologías S.A.S., in Colombia with 13 employees and revenues of MSEK 14 in 2023. - IMOCOM S.A. in Colombia with 36 employees and revenues of MSEK 47 in 2023. - Masterfilter NV in Belgium with three employees and revenues of MSEK 30 in 2024. - MSS Nitrogen Ltd, in UK with 44 employees and revenues of MSEK 238 in 2024. Revenues and profitability Revenues increased 3% to MSEK 19 330 (18 710), corresponding to an organic increase of 3%. The operating profit increased 1% to MSEK 4 711 (4 642), corresponding to a margin of 24.4% (24.8). Increased revenue volumes and currency affected the margin positively, while mix, acquisitions, and increased R&D and functional costs diluted the margin. Return on capital employed (last 12 months) was 83% (84). Orders, revenues, and operating profit margin MSEK 2025 2024 Orders received 21 903 21 144 4% Revenues 19 330 18 710 3% EBITA* 4 859 4 795 1% – as a percentage of revenues 25.1 25.6 Operating profit 4 711 4 642 1% – as a percentage of revenues 24.4 24.8 Return on capital employed, % 83 84 January-March MSEK Orders received Revenues 2024 21 144 18 710 Structural change*, % +1 +0 Currency, % +0 +0 Organic**, % +3 +3 Total, % +4 +3 2025 21 903 19 330 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 2 500 5 000 7 500 10 000 12 500 15 000 17 500 20 000 22 500 25 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Orders received, MSEK Revenues, MSEK Operating margin, % ===== SIDA 5 ===== Atlas Copco AB – Q1 2025 5 (18) Vacuum Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Equipment orders unchanged • Solid growth for service • Reported operating profit margin at 17.2%, adjusted margin at 19.6% Sales bridge * Volume, price and mix. Semiconductor and flat panel display equipment The order intake for vacuum equipment to the semiconductor and flat panel display industry remained basically unchanged compared to the previous year. Sequentially, however, order volumes increased, driven by increased demand in Asia. Geographically, and compared to the previous year, order volumes increased in Asia but decreased in North America and Europe. Industrial and scientific vacuum equipment Order volumes for industrial and scientific vacuum equipment remained essentially at the same level as in the previous year. Orders from general industrial customers decreased but were offset by increased demand for equipment to scientific vacuum applications. Sequentially, the overall order intake increased. Year-on-year, the order intake increased in North America, remained basically unchanged in Asia, but decreased somewhat in Europe. Vacuum service The service business achieved solid order growth, primarily driven by increased demand from the semiconductor industry. Growth was achieved in all major regions. Innovation A new plasma-wet abatement system targeting the flat panel market was introduced, the Protron FPD. The new product safely abates deposition process gases and offers customers high performance thanks to its advanced design. In addition, it provides a pathway to transition from current fuel-based legacy systems to an all-electric platform. Revenues and profitability Revenues decreased 2% to MSEK 9 527 (9 719), corresponding to an organic decline of 5%. The operating profit was MSEK 1 638 (2 119), corresponding to a margin of 17.2% (21.8), and includes restructuring costs of MSEK -232. The adjusted operating margin was 19.6% (21.8). The main reasons for the lower margin were decreased revenue volumes and a negative currency effect. Return on capital employed (last 12 months) was 19% (22). Orders, revenues, and operating profit margin MSEK 2025 2024 Orders received 9 431 9 104 4% Revenues 9 527 9 719 -2% EBITA* 1 841 2 297 -20% – as a percentage of revenues 19.3 23.6 Operating profit 1 638 2 119 -23% – as a percentage of revenues 17.2 21.8 Return on capital employed, % 19 22 January-March MSEK Orders received Revenues 2024 9 104 9 719 Structural change, % +2 +2 Currency, % +1 +1 Organic*, % +1 -5 Total, % +4 -2 2025 9 431 9 527 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 12 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Orders received, MSEK Revenues, MSEK Operating margin, % Adjusted operating margin, % ===== SIDA 6 ===== Atlas Copco AB – Q1 2025 6 (18) Industrial Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Equipment orders decreased • Growth for service • Operating profit margin at 20.0% Sales bridge * Volume, price and mix. Automotive industry The overall demand for industrial assembly and vision solutions to the automotive industry was weaker than the previous year, resulting in a decrease in order intake. The lower order intake was primarily due to notably weaker demand in Europe and Asia. Sequentially, the order intake increased. Year-on-year, orders decreased in Europe and Asia but increased in North America, the latter largely attributable to an acquisition in the US. General industry The order intake for industrial assembly and vision solutions to the general industry decreased due to weaker demand from a wide range of customer segments. Sequentially, order volumes increased. Geographically, and compared to the previous year, order volumes decreased in Asia and Europe but increased somewhat in the Americas. Service The service business achieved growth with increased order intake in most regions. Innovation The MicroTorque Offset Gear was introduced in the quarter as a new assembly solution for tightening low torque applications in the electronic industry. The new product is specially designed for cramped spaces, can be attached to handheld tools or fixtured tools for automation, and offers high accuracy and cycle rates to customers. Acquisitions The following acquisition was closed in the quarter: - Neadvance Machine Vision, S.A., a software company for automation solutions in Portugal with 41 employees and revenues of MSEK 29 in 2023. Revenues and profitability Revenues decreased 8% to MSEK 6 943 (7 514), corresponding to an organic decline of 9%. The operating profit decreased 16% to MSEK 1 388 (1 649), corresponding to a margin of 20.0% (21.9). The main explanation for the lower margin was decreased revenue volumes. The currency also had a negative effect on the operating margin. Return on capital employed (last 12 months) was 20% (22). Orders, revenues, and operating profit margin MSEK 2025 2024 Orders received 7 460 7 796 -4% Revenues 6 943 7 514 -8% EBITA* 1 504 1 781 -16% – as a percentage of revenues 21.7 23.7 Operating profit 1 388 1 649 -16% – as a percentage of revenues 20.0 21.9 Return on capital employed, % 20 22 January-March MSEK Orders received Revenues 2024 7 796 7 514 Structural change, % +4 +2 Currency, % +0 -1 Organic*, % -8 -9 Total, % -4 -8 2025 7 460 6 943 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Orders received, MSEK Revenues, MSEK Operating margin, % Adjusted operating margin, % ===== SIDA 7 ===== Atlas Copco AB – Q1 2025 7 (18) Power Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Equipment orders decreased • Increased order intake for specialty rental • Operating profit margin at 16.8% Sales bridge * Includes an internal transfer from Compressor Technique. ** Volume, price and mix. Equipment The demand for equipment weakened, and the order intake decreased compared to the previous year. The lower order intake was driven by decreased demand for portable compressors, offsetting growth for other product groups, such as industrial pumps. Sequentially, the order intake increased, partly supported by a normal seasonal effect. Year-on-year, the order intake increased in Asia but decreased in North America and Europe. Specialty rental The order intake for the specialty rental business increased compared to the previous year, supported by contributions from recent acquisitions. Sequentially however, the order intake decreased. Geographically, and compared to the previous year, the order intake increased in North America and Asia but remained unchanged in Europe. Service Order volumes for service decreased somewhat, primarily due to lower activity levels in North America. Innovation In the quarter, the business area introduced a new mobile fast charger, the FCP 240. The new product will support the establishment of microgrids at construction sites and enable customers to charge electric industrial vehicles. Revenues and profitability Revenues reached MSEK 7 169 (7 202), corresponding to an organic decline of 5%. The operating profit decreased 13% to MSEK 1 205 (1 393), corresponding to a margin of 16.8% (19.3). The main explanations for the lower margin were decreased revenue volumes, increased capital costs from the rental fleet, and higher functional costs. Return on capital employed (last 12 months) was 16% (21). Orders, revenues, and operating profit margin MSEK 2025 2024 Orders received 8 063 8 019 1% Revenues 7 169 7 202 0% EBITA* 1 335 1 489 -10% – as a percentage of revenues 18.6 20.7 Operating profit 1 205 1 393 -13% – as a percentage of revenues 16.8 19.3 Return on capital employed, % 16 21 January-March MSEK Orders received Revenues 2024 8 019 7 202 Structural change*, % +5 +5 Currency, % +0 +0 Organic**, % -4 -5 Total, % +1 +0 2025 8 063 7 169 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Orders received, MSEK Revenues, MSEK Operating margin, % ===== SIDA 8 ===== Atlas Copco AB – Q1 2025 8 (18) Accounting principles The interim condensed consolidated financial statements presented in this interim report have been prepared in accordance with IAS 34 Interim Financial Reporting. The description of the accounting principles and definitions applied in this report are found in the Annual Report 2024. Other financial measures than the ones defined in IFRS Accounting Standards are also presented in the report since they are considered to be important supplemental measures of the company´s performance. For further information about these measures and how they have been calculated, please visit our Key financials page Risks, risk management and factors of uncertainty Atlas Copco Group’s global and diversified business is active within many customer segments and results in a variety of risks and opportunities geographically and operationally. Thus, the ability to identify, analyze and manage risks is crucial for effective governance and control of the business. The aim is to meet the Group’s goals with a high awareness of risks and well-managed risk taking. Atlas Copco Group sees the benefits of an efficient risk management both from risk reduction and business opportunity perspectives, which can lead to good business growth. Risks in Atlas Copco Group are identified in a 360-degree spectrum, meaning that both internal, and external exposures are assessed, including today’s circumstances and future changes. The Group’s risk management approach follows the decentralized structure of Atlas Copco Group. Risks are analyzed and addressed in an integrated way. Local companies are responsible for their own risk management, which is monitored and followed up regularly at for example local business board meetings. Group functions responsible for legal, insurance, human resources, compliance, sustainability, treasury, tax, controlling and accounting provide policies, guidelines and instructions regarding risk management. Risk areas include compliance risks, external exposure risks, including pandemics, operational risks and strategic risks. These risk areas can impact the business negatively both in the long and short term, but often also create business opportunities if managed well. Examples of risks and how they are handled is described below. Market risks The demand for Atlas Copco Group’s equipment and services is affected by changes in the customers’ investment and production levels. A general economic downturn, geopolitical tensions, pandemics, changes in trade agreements, trade sanctions, tariffs, a widespread financial crisis and other macroeconomic disturbances may, directly or indirectly, affect the Group negatively both in terms of revenues and profitability. However, the Group’s sales are well diversified with customers in many industries and countries around the world, which mitigates the risk. Financial risks Atlas Copco Group is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco Group has adopted a policy to control the financial risks to which the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy. Production risks A large part of the components used in production are sourced from sub- suppliers. The availability is dependent on the sub-suppliers and if they have interruptions or lack capacity, this may adversely affect production. To minimize these risks, Atlas Copco Group has established a global network of sub-suppliers, which means that in most cases there are more than one sub-supplier that can provide a certain component. Atlas Copco Group is also directly and indirectly exposed to raw material prices. Cost increases for raw materials and components often coincide with strong end-customer demand and can partly be compensated for by increased sales prices. Acquisitions Atlas Copco Group has the ambition to grow all its business areas, primarily through organic growth, supplemented by selected acquisitions. The integration of acquired businesses is a difficult process and it is not certain that every integration will be successful. Therefore, costs related to acquisitions can be higher and/or synergies can take longer to materialize than anticipated. For more information on Atlas Copco Group’s risk management process and further descriptions of risks and how they are handled, see the Annual Report 2024. Forward-looking statements Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialization and technological difficulties, interruptions in supply, and major customer credit losses. Atlas Copco AB Atlas Copco AB is a public company. Atlas Copco AB and its subsidiaries are often referred to as Atlas Copco Group, the Group or the company. Any mentioning of the Board of Directors or the Board refers to the Board of Directors of Atlas Copco AB. ===== SIDA 9 ===== Atlas Copco AB – Q1 2025 9 (18) Consolidated income statement (condensed) MSEK 2025 2024 Revenues 42 730 42 875 Cost of sales -24 240 -24 091 Gross profit 18 490 18 784 Marketing expenses -5 073 -4 900 Administrative expenses -2 724 -2 693 Research and development costs -1 850 -1 784 Other operating income and expenses -238 -62 Operating profit 8 605 9 345 - as a percentage of revenues 20.1% 21.8% Net financial items -135 16 Profit before tax 8 470 9 361 - as a percentage of revenues 19.8% 21.8% Income tax expense -1 872 -2 186 Profit for the period 6 598 7 175 Profit attributable to - owners of the parent 6 597 7 172 - non-controlling interests 1 3 Basic earnings per share, SEK 1.35 1.47 Diluted earnings per share, SEK 1.35 1.47 Basic weighted average number of shares outstanding, millions 4 868.8 4 871.4 Diluted weighted average number of shares outstanding, millions 4 875.4 4 878.3 Key ratios Equity per share, period end, SEK 23 21 Return on capital employed, 12 month values, % 27 30 Return on equity, 12 month values, % 28 31 Debt/equity ratio, period end, % 12 20 Equity/assets ratio, period end, % 56 53 Number of employees, period end 55 248 53 728 January-March ===== SIDA 10 ===== Atlas Copco AB – Q1 2025 10 (18) Consolidated statement of comprehensive income (condensed) MSEK 2025 2024 Profit for the period 6 598 7 175 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit pension plans 381 39 Income tax relating to items that will not be reclassified -101 -14 280 25 Items that may be reclassified subsequently to profit or loss Translation differences on foreign operations -9 862 6 029 Hedge of net investments in foreign operations 920 -678 Income tax relating to items that may be reclassified -309 228 -9 251 5 579 Other comprehensive income for the period, net of tax -8 971 5 604 Total comprehensive income for the period -2 373 12 779 Total comprehensive income attributable to - owners of the parent -2 369 12 772 - non-controlling interests -4 7 January-March ===== SIDA 11 ===== Atlas Copco AB – Q1 2025 11 (18) Consolidated balance sheet (condensed) Fair value of derivatives, cash equivalents and borrowings The carrying value and fair value of the Group’s outstanding derivatives, liquidity funds, and borrowings are shown in the tables below. The fair values of bonds are based on Level 1, the fair values of derivatives, liquidity funds, and other loans are based on Level 2, and contingent considerations are based on Level 3 in the fair value hierarchy. Compared to 2024, no transfers have been made between different levels in the fair value hierarchy for derivatives and borrowings, and no significant changes have been made to valuation techniques, inputs, or assumptions. For further information, see Note 26 in the Annual Report 2024, available on our Investors page Financial instruments recorded at fair value Carrying value and fair value of borrowings MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024 Intangible assets 72 602 72 487 77 107 Rental equipment 5 725 4 829 5 947 Other property, plant and equipment 17 240 15 869 17 745 Right-of-use assets 6 919 6 156 7 133 Financial assets and other receivables 2 595 2 312 2 520 Deferred tax assets 2 228 2 432 2 575 Total non-current assets 107 309 104 085 113 027 Inventories 26 488 31 065 29 012 Trade and other receivables 43 282 47 411 47 097 Other financial assets 570 394 434 Cash and cash equivalents 21 400 16 014 18 968 Total current assets 91 740 94 884 95 511 TOTAL ASSETS 199 049 198 969 208 538 Equity attributable to owners of the parent 110 631 104 487 113 700 Non-controlling interests 60 57 60 TOTAL EQUITY 110 691 104 544 113 760 Borrowings 28 210 31 445 31 688 Post-employment benefits 2 328 2 715 2 740 Other liabilities and provisions 2 238 2 279 2 319 Deferred tax liabilities 2 723 2 405 2 616 Total non-current liabilities 35 499 38 844 39 363 Borrowings 4 828 3 058 3 076 Trade payables and other liabilities 45 744 49 803 49 590 Provisions 2 287 2 720 2 749 Total current liabilities 52 859 55 581 55 415 TOTAL EQUITY AND LIABILITIES 199 049 198 969 208 538 MSEK Mar. 31 2025 Dec. 31 2024 Non-current assets and liabilities Assets 66 68 Liabilities - - Current assets and liabilities Assets 359 437 Liabilities 102 94 MSEK Mar. 31 2025 Mar. 31 2025 Dec. 31 2024 Dec. 31 2024 Carrying value Fair value Carrying value Fair value Bonds 14 025 12 799 14 840 13 520 Other loans 12 052 12 033 12 770 12 738 Lease liability 6 961 6 961 7 154 7 154 33 038 31 793 34 764 33 412 ===== SIDA 12 ===== Atlas Copco AB – Q1 2025 12 (18) Consolidated statement of changes in equity (condensed) MSEK owners of the parent non-controlling interests Total equity Opening balance, January 1, 2025 113 700 60 113 760 Changes in equity for the period Total comprehensive income for the period -2 369 -4 -2 373 Change of non-controlling interests 4 4 Acquisition and divestment of own shares -506 - -506 Share-based payments, equity settled -194 - -194 Closing balance, March 31, 2025 110 631 60 110 691 MSEK owners of the parent non-controlling interests Total equity Opening balance, January 1, 2024 91 450 50 91 500 Changes in equity for the period Total comprehensive income for the period 12 772 7 12 779 Acquisition and divestment of own shares 410 - 410 Share-based payments, equity settled -145 - -145 Closing balance, March 31, 2024 104 487 57 104 544 Equity attributable to Equity attributable to ===== SIDA 13 ===== Atlas Copco AB – Q1 2025 13 (18) Consolidated statement of cash flows (condensed) Depreciation, amortization and impairment Calculation of operating cash flow MSEK 2025 2024 Cash flows from operating activities Operating profit 8 605 9 345 Depreciation, amortization and impairment (see below) 2 272 2 074 Capital gain/loss and other non-cash items -390 266 Operating cash surplus 10 487 11 685 Net financial items received/paid -259 -354 Taxes paid -2 319 -1 781 Pension funding and payment of pension to employees -146 -104 Change in working capital 921 -1 334 Investments in rental equipment -521 -557 Sale of rental equipment 32 11 Net cash from operating activities 8 195 7 566 Cash flows from investing activities Investments in property, plant and equipment -1 317 -879 Sale of property, plant and equipment 16 21 Investments in intangible assets -509 -356 Acquisition of subsidiaries and associated companies -1 325 -2 196 Other investments, net -7 7 Net cash from investing activities -3 142 -3 403 Cash flows from financing activities Acquisition of non-controlling interest 4 - Repurchase and sales of own shares -506 410 Change in interest-bearing liabilities, net -694 75 Net cash from financing activities -1 196 485 Net cash flow for the period 3 857 4 648 Cash and cash equivalents, beginning of the period 18 968 10 887 Exchange differences in cash and cash equivalents -1 425 479 Cash and cash equivalents, end of the period 21 400 16 014 January-March Depreciation, amortization and impairment 2025 2024 Rental equipment 310 249 Other property, plant and equipment 567 518 Right-of-use assets 499 428 Intangible assets 896 879 Total 2 272 2 074 January-March MSEK 2025 2024 Net cash flow for the period 3 857 4 648 Add back: Change in interest-bearing liabilities, net 694 -75 Repurchase and sales of own shares 506 -410 Acquisition of non-controlling interest -4 - Acquisitions and divestments 1 325 2 196 Currency hedges 197 301 Operating cash flow 6 575 6 660 January-March ===== SIDA 14 ===== Atlas Copco AB – Q1 2025 14 (18) Revenues by business area Equipment and service revenues Operating profit by business area Return on capital employed by business area 2023 2024 2025 MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 17 632 18 600 19 493 19 827 18 710 20 136 19 031 20 382 19 330 - of which external 17 466 18 407 19 300 19 614 18 507 19 905 18 819 20 202 19 151 - of which internal 166 193 193 213 203 231 212 180 179 Vacuum Technique 9 989 10 911 10 802 11 110 9 719 10 089 10 444 10 189 9 527 - of which external 9 979 10 906 10 795 11 101 9 711 10 089 10 439 10 180 9 521 - of which internal 10 5 7 9 8 - 5 9 6 Industrial Technique 6 492 7 280 7 306 7 375 7 514 7 471 6 832 7 705 6 943 - of which external 6 469 7 260 7 290 7 356 7 492 7 460 6 821 7 683 6 926 - of which internal 23 20 16 19 22 11 11 22 17 Power Technique 5 996 6 828 7 142 6 933 7 202 7 391 7 072 7 957 7 169 - of which external 5 947 6 791 7 100 6 883 7 165 7 349 7 026 7 923 7 132 - of which internal 49 37 42 50 37 42 46 34 37 Common Group Items / Eliminations -248 -255 -258 -291 -270 -284 -274 -245 -239 Atlas Copco Group 39 861 43 364 44 485 44 954 42 875 44 803 43 105 45 988 42 730 2023 2024 2025 % of total revenues (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique - Equipment 57 58 59 60 56 58 57 58 56 Compressor Technique - Service 43 42 41 40 44 42 43 42 44 Vacuum Technique - Equipment 77 77 77 78 75 74 74 73 71 Vacuum Technique - Service 23 23 23 22 25 26 26 27 29 Industrial Technique - Equipment 71 74 73 76 73 73 71 74 71 Industrial Technique - Service 29 26 27 24 27 27 29 26 29 Power Technique - Equipment 58 60 56 54 58 57 53 56 55 Power Technique - Service 42 40 44 46 42 43 47 44 45 2023 2024 2025 MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 4 245 4 472 4 856 4 915 4 642 4 990 4 974 5 110 4 711 - as a percentage of revenues 24.1 24.0 24.9 24.8 24.8 24.8 26.1 25.1 24.4 Vacuum Technique 2 268 2 504 2 465 2 370 2 119 2 027 2 014 2 381 1 638 - as a percentage of revenues 22.7 22.9 22.8 21.3 21.8 20.1 19.3 23.4 17.2 Industrial Technique 1 371 1 585 1 647 1 580 1 649 1 557 1 364 1 496 1 388 - as a percentage of revenues 21.1 21.8 22.5 21.4 21.9 20.8 20.0 19.4 20.0 Power Technique 1 145 1 294 1 429 1 323 1 393 1 406 1 274 1 415 1 205 - as a percentage of revenues 19.1 19.0 20.0 19.1 19.3 19.0 18.0 17.8 16.8 Common Group Items / Eliminations -330 -666 -280 -1 102 -458 -514 -289 -384 -337 Operating profit 8 699 9 189 10 117 9 086 9 345 9 466 9 337 10 018 8 605 - as a percentage of revenues 21.8 21.2 22.7 20.2 21.8 21.1 21.7 21.8 20.1 Net financial items -44 -163 -189 -253 16 -192 -153 -37 -135 Profit before tax 8 655 9 026 9 928 8 833 9 361 9 274 9 184 9 981 8 470 - as a percentage of revenues 21.7 20.8 22.3 19.6 21.8 20.7 21.3 21.7 19.8 2023 2024 2025 % (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 82 83 82 85 84 84 85 85 83 Vacuum Technique 24 23 22 22 22 21 20 20 19 Industrial Technique 18 20 20 21 22 22 21 21 20 Power Technique 24 23 22 22 21 20 18 18 16 Atlas Copco Group 29 30 30 30 30 29 28 28 27 ===== SIDA 15 ===== Atlas Copco AB – Q1 2025 15 (18) Acquisitions and divestments * Annual revenues and number of employees at time of acquisition/divestment. No revenues are disclosed for former Atlas Copco d istributors. Due to the relatively small size of most of the acquisitions made in 202 5, full disclosure as per IFRS 3 is not given in this interim report. Disclosure on an aggregated level will be given in the Annual Report 202 5. See the Annual Report for 2024 for disclosure of acquisitions made in 2024. Date Acquisitions Divestments Business area Revenues MSEK* Number of employees* 2025 Mar. 21 MSS Nitrogen Ltd. (“MSS Nitrogen”) Compressor Technique 238 44 2025 Mar. 11 Neadvance Machine Vision, S.A. (“Neadvance”) Industrial Technique 29 41 2025 Mar. 4 Masterfilter NV (“Masterfilter”) Compressor Technique 30 3 2025 Feb. 5 IMOCOM S.A. Compressor Technique 47 36 2025 Feb. 5 Maquinarias y Tecnologías S.A.S. ("Maq&Tec") Compressor Technique 14 13 2025 Jan. 29 Dr. Weigel Anlagenbau GmbH Compressor Technique 45 2025 Jan. 10 Medi-teknique Ltd. ("Medi-teknique") Compressor Technique 42 13 2025 Jan. 9 JetCan Engineering Sdn Bhd ("JetCan") Compressor Technique 24 2025 Jan. 7 V.O.L. Industries Compressor Technique 35 2 2025 Jan. 7 Trident Pneumatics Pvt. Ltd. ("Trident") Compressor Technique 134 113 2024 Dec. 3 Metalplan Equipamentos LTDA, (“Metalplan”) Compressor Technique 120 90 2024 Nov. 18 VisionTools Bildanalyse Systeme GmbH ("VisionTools") Industrial Technique 160 80 2024 Nov. 8 ESA Service S.r.l. (“ESA Service”) Vacuum Technique 118 40 2024 Nov. 6 SCS Makina A.Ş. (“SCS”) Compressor Technique 40 11 2024 Nov. 5 Pennine Pneumatic Services Ltd. (“PPS”) Compressor Technique 84 2024 Nov. 4 Air Way Automation Ltd. (“Air Way”) Industrial Technique 370 98 2024 Okt. 3 Perslucht Wilda B.V. (“Perslucht Wilda”) Power Technique 9 2024 Okt. 2 Kinder-Janes Engineers Ltd. ("Kinder-Janes") Power Technique 164 20 2024 Okt. 2 Pomac B.V. (“Pomac”) Power Technique 95 23 2024 Okt. 2 Arlógica Máquinas e Equipamentos, Lda (“Arlógica”) Compressor Technique 9 2024 Oct. 2 Easy Filtration S.r.l. (“Easy Filtration”) Compressor Technique 9 2024 Sep. 3 Integrated Pump Rental (“IPR”) Power Technique 57 18 2024 Sep. 3 Anhui NOY Technologies Co. Ltd., (“NOY”)  Vacuum Technique 178 78 2024 Sep. 3 Generator Rental Services ("GRS”) Power Technique 263 58 2024 Aug. 2 AVT Services Pty Ltd., (“AVT Services”) Vacuum Technique 15 2024 Aug. 2 Danmil A/S (“Danmil”) Compressor Technique 126 26 2024 Jul. 29 Compressed Air Technologies, Inc. Compressor Technique 53 2024 Jul. 23 Kingsdown Compressed Air Systems Ltd. (“Kingsdown”) Compressor Technique 31 13 2024 Jul. 4 Mont-Tech Ltd. ("Mont-Tech") Industrial Technique 40 27 2024 Jul. 2 Swed-Weld AB ("Swed-Weld") Industrial Technique 30 10 2024 Jul. 2 Emcovele S.A. Compressor Technique 49 2024 Jun. 14 AE Industrial Ltd. ("AE Industrial") Compressor Technique 40 2024 Jun. 5 Baraghini Compressori Srl ("Baraghini") Compressor Technique 31 14 2024 May 7 Montajes Electromecánicos e Ingeniería, S.A. de C.V. (“MEISA”) Vacuum Technique 52 2024 May 3 Tecturbo Compressor Technique 60 51 2024 Apr. 4 Delta Temp Power Technique 100 20 2024 Apr. 2 Presys Co., Ltd. Vacuum Technique 275 134 2024 Mar. 5 Zahroof Valves Inc.  Compressor Technique 130 44 2024 Mar. 4 Pacific Sales & Service, Inc. ("Pacific Air Compressors")  Compressor Technique 15 2024 Mar. 4 Druckluft-Technik-Nord GmbH Compressor Technique 18 2024 Feb. 7 Ace Air (NI) Ltd. Compressor Technique 8 2024 Jan. 9 Hycomp Inc. Compressor Technique 85 37 2024 Jan. 3 KRACHT GmbH ("Kracht") Power Technique 766 440 ===== SIDA 16 ===== Atlas Copco AB – Q1 2025 16 (18) Parent company Income statement (condensed) Balance sheet (condensed) Assets pledged and contingent liabilities Accounting principles Atlas Copco AB is the ultimate Parent Company of the Atlas Copco Group. The financial statements of Atlas Copco AB have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. The same accounting principles and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. See also accounting principles, page 8. MSEK 2025 2024 Administrative expenses -220 -230 Other operating income and expenses 22 44 Operating profit/loss -198 -186 Financial income and expenses 2 339 -46 Profit/loss before tax 2 141 -232 Income tax 64 90 Profit/loss for the period 2 205 -142 January-March MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024 Total non-current assets 199 032 193 091 198 845 Total current assets 7 074 5 123 5 829 TOTAL ASSETS 206 106 198 214 204 674 Total restricted equity 5 785 5 785 5 785 Total non-restricted equity 164 318 156 552 162 807 TOTAL EQUITY 170 103 162 337 168 592 Total provisions 680 898 737 Total non-current liabilities 33 164 34 605 35 002 Total current liabilities 2 159 374 343 TOTAL EQUITY AND LIABILITIES 206 106 198 214 204 674 MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024 Assets pledged 206 224 209 Contingent liabilities 10 868 11 283 11 515 ===== SIDA 17 ===== Atlas Copco AB – Q1 2025 17 (18) Parent Company Distribution of shares Share capital equaled MSEK 786 (786) at the end of the period, distributed as follows: Performance-based personnel option plan The Annual General Meeting 2024 approved a performance-based long-term incentive program. For Group Management and division presidents, the plan requires management’s own investment in Atlas Copco shares. The intention was to cover Atlas Copco’s obligation under the plan through the repurchase of the company’s own shares. For further information, see our page: General meeting page Transactions in own shares Atlas Copco AB has mandates to acquire and sell own shares as per below: • Acquisition of not more than 10 000 000 series A shares, whereof a maximum of 8 000 000 may be transferred to personnel stock option holders under the performance-based stock option plan for 2024. • Acquisition of not more than 60 000 series A shares to hedge the obligation of the company to pay remuneration to board members who have chosen to receive 50% of the remuneration in synthetic shares. • The sale of not more than 60 000 series A shares to cover costs related to previously issued synthetic shares to board members. • The sale of a maximum 26 000 000 series A shares currently held by the company, for the purpose of covering costs of fulfilling obligations related to the option plans 2017, 2018, 2019, 2020 and 2021. • The shares may only be acquired or sold on NASDAQ Stockholm at a price within the registered price interval at any given time. During the first three months of 2025, 2 646 638 series A shares, net, were acquired. These transactions are in accordance with mandates granted. The company’s holding of own shares at the end of the period appears in the table to the left. Risks and factors of uncertainty Financial risks Atlas Copco AB is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco AB has adopted a policy to control the financial risks to which Atlas Copco AB and the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy. For further information, see the Annual Report 2024. Related parties There have been no significant changes in the relationships or transactions with related parties for the Group or Parent Company compared with the information given in the Annual Report 2024. Nacka, Sweden April 29, 2025 Atlas Copco AB (publ) Vagner Rego President and CEO The company’s auditors have not reviewed this report. Class of share Shares A shares 3 357 576 384 B shares 1 560 876 032 Total 4 918 452 416 - of which A shares held by Atlas Copco AB 50 485 072 - of which B shares held by Atlas Copco AB 0 Total shares outstanding, net of shares held by Atlas Copco AB 4 867 967 344 ===== SIDA 18 ===== Atlas Copco AB – Q1 2025 18 (18) This is Atlas Copco Group Atlas Copco Group enables technology that transforms the future. We innovate to develop products, services, and solutions that are key to our customers’ success. Our four business areas offer compressed air and gas solutions, vacuum solutions, energy solutions, dewatering and industrial pumps, industrial power tools, and assembly and machine vision solutions. In 2024, the Group had revenues of BSEK 177 and about 55 000 employees at year-end. Business areas Atlas Copco Group has four business areas. The business areas are responsible for developing their respective operations by implementing and following up on strategies and objectives to achieve sustainable, profitable growth. The Compressor Technique business area provides compressed air and gas solutions such as industrial compressors, gas and process compressors and expanders, air and gas treatment equipment, and air management systems. The business area has a global service network and innovates technology that transforms the future of the manufacturing and process industries. Principal product development and manufacturing units are located in Belgium, the United States, China, India, Germany, and Italy. The Vacuum Technique business area provides vacuum products, exhaust management systems, valves, and related products. The main markets served are semiconductor and scientific instruments, as well as a wide range of industrial segments, including chemical process industries, food packaging, and paper handling. The business area has a global service network and innovates technology that transforms the future and improves customer performance. Principal product development and manufacturing units are located in the United States, Mexico, United Kingdom, Czech Republic, Germany, South Korea, China, and Japan. The Industrial Technique business area provides industrial power tools, assembly and machine vision solutions, quality assurance products, and services through a global network. The business area innovates technology that transforms the future for customers in the automotive and general industries. Principal product development and manufacturing units are located in Sweden, Germany, Hungary, United Kingdom, France, the United States, China, and Japan. The Power Technique business area provides portable air and power, industrial and portable flow solutions through products such as mobile compressors, generators, energy storage systems, dewatering and industrial pumps, along with a number of complementary products. It also offers specialty rental and provides service through a global network. The business area innovates technology that transforms the future for multiple industries, including infrastructure construction, manufacturing, oil and gas, and exploration drilling. Principal product development and manufacturing units are located in Belgium, Spain, Germany, the United States, China, and India. Vision, mission and strategy The Atlas Copco Group’s vision is to become and remain First in Mind— First in Choice of its customers and other stakeholders. The mission is to achieve sustainable, profitable growth. This means that we should continuously deliver profitable growth with an increased positive impact on society and the environment and by promoting diversity and inclusion. Inclusion is about providing everyone within our organization with support and inspiration to learn and grow. It also means that we include the perspective of different stakeholders, like customers and society, when we create value. An integrated sustainability strategy, backed by ambitious goals, helps the company deliver greater value to all its stakeholders in a way that is economically, environmentally, and socially responsible. For further information Analysts and investors Daniel Althoff, Vice President Investor Relations Mobile: +46 768 99 95 97 ir@atlascopco.com Media Christina Malmberg Hägerstrand, Media Relations Manager Mobile: +46 728 55 93 29 media@atlascopco.com Conference call A presentation for investors, analysts and media will be held on April 29, 2025, at 13:00 CEST. To follow the presentation via webcast: https://atlas-copco-group.events.inderes.com/q1-report-2025 To participate via teleconference: https://events.inderes.com/atlas-copco-group/q1-report-2025/dial-in Please visit our Investors page for presentation material. Annual General Meeting 2025 The Annual General Meeting for Atlas Copco AB will be held on April 29, 2025, in Stockholm. Second-quarter report 2025 The Q2 2025 report will be published on July 18, 2025, around 13:00 CEST and the conference call will be at 14:00 CEST. Silent period starts June 18, 2025. Third-quarter report 2025 The Q3 2025 report will be published on October 23, 2025. Silent period starts September 23, 2025. Fourth-quarter report 2025 The Q4 2025 report will be published on January 27, 2026. Silent period starts December 28, 2025. This information is information that Atlas Copco AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 11:00 CEST on April 29, 2025.